Office

$1.5 MILLION RENOVATION BEGINS ON OFFICE BUILDING

by admin July 28, 2008

PHOENIX — Scottsdale, Ariz.-based Washington & 25th Street LLC are renovating a 33-year-old, two-story 17,444-square-foot office building, which is located at 2502 E. Washington St. in Phoenix. The more than $1.5 million renovation includes a redesign of the property’s exterior façade, extensive interior improvements, replacement of the windows, the installation of an elevator, upgrades to the electrical service and mechanical system and the installation of a new roof. Scottsdale-based Perlman Architects provided design services for the project; Gilbert, Ariz.-based Bjerk Builders Inc. is serving as general contractor. Completion is slated for November. Nashville, Tenn.-based W.D. Schock has signed a 5-year, 8,722-square-foot lease for the first floor of the property. Virgil Berry of Phoenix-based Berry Realty & Associates represented the tenant; Chris Ackel, Pat Horan and Tyler Hanney of CB Richard Ellis’ Phoenix office represented the landlord in the transaction.

July 28, 2008

MEDICAL OFFICE BUILDING NEARS COMPLETION

by admin July 28, 2008

CARLSBAD, CALIF. — A joint venture between Carltas Company and Finest City Realty Advisors Inc. is nearing completion for the construction of ECR Corporate Center, a medical office property located at 6250 and 6260 El Camino Rd. in Carlsbad. The project consists of a two-story, 63,000-square-foot building, which will house Tri-City Wellness Center, and a two-story, 27,000-square-foot medical office building. Tri-City Wellness Center is a health club and rehab facility that offers lap, exercise and therapy pools; spas; a walking and running track; exercise studios; locker rooms; and physical therapy rooms. Smith Consulting Architects provided architectural services for the estimated $20 million project, while Lusardi Construction is serving as general contractor.

July 28, 2008

Office Southeast

CONSTRUCTION OF $20 MILLION MEDICAL PROPERTY NEARLY FINISHED

by admin July 25, 2008

BEL AIR, MD. — Construction is nearing completion on the 85,000-square-foot, $20 million Class A office property Physicians Pavilion II, located at West MacPhail Road and Maryland Route 24 in Bel Air. The building is more than 50 percent leased with tenants including Upper Chesapeake Health System, MacPhail Pharmacy, Harford Gastroenterology Associates and The Daily Grind. The project, which is a collaboration between Lutherville, Md.-based MacKenzie Commercial Real Estate and York, Pa.-based Kinsley Construction, will deliver in September.

July 25, 2008

Office Southeast

GRAMERCY CAPITAL SELLS BANK OF AMERICA-ANCHORED BUILDING

by admin July 25, 2008

INVERNESS, FLA. — Jenkintown, Pa.-based Gramercy Capital Corp. has sold a 17,544-square-foot office property, located at 1007 U.S. Highway 41 North in Inverness, to Highway 41 LLC for $1.05 million. The 3.05-acre property was built in 1973 and is 60 percent occupied by Bank of America. Bartow McDonald of Sperry Van Ness’ Ocala, Fla., office and Peter Stevens and Jim Pasquarella of Wayne, Pa.-based CBRE represented the seller. Venu Reddy of Coldwell Banker Commercial Landmark’s Brooksville, Fla., office represented the buyer.

July 25, 2008

Midwest Office

LEOPARDO CONSTRUCTION WORKS ON TWO RUSH-COPLEY HEALTHCARE FACILITIES

by admin July 25, 2008

YORKVILLE AND AURORA, ILL. — Leopardo Construction has completed the 58,000-square-foot Rush-Copley Healthcare Center located at 1100 W. Veterans Pkwy. in Yorkville. The medical office building, which is the first phase of a 45-acre multi-phase development, will provide non-ambulatory care, including radiology, MRI, CT scans, ultrasound, mammography and bone density scans. Leopardo served as the construction manager, with Anderson Mikos Architects providing architectural services for the project. Additionally, Leopardo Construction has begun a 12,400-square-foot addition and renovation of the Rush-Copley Medical Center located at 2000 Ogden Ave. in Aurora. The project includes an 8,400-square-foot intensive care unit (ICU) addition and a renovation of existing space that will create 7,100 square feet on new ICU space. The facility will also undergo a 1,300-square-foot renovation of existing space. The renovation includes the conversion of four existing ICU rooms, which have been recreated in another part of the hospital.

July 25, 2008

Midwest Office

SIEGEL-GALLAGHER BROKERS 38,442-SQUARE-FOOT OFFICE SALE

by admin July 25, 2008

BROWN DEER, WIS. — Siegel-Gallagher Inc. has brokered the sale of a 38,442-square-foot office facility located at 9275 N. 49th St. in Brown Deer. Crabel Real Estate Partners acquired the facility from Deerfield Service Center for an undisclosed amount. John Dulmes, Daniel Walsh and Jack Arnett of Siegel-Gallagher arranged the transaction.

July 25, 2008

Northeast Office

CONSTRUCTION ADVANCING FOR 15-STORY OFFICE TOWER

by admin July 25, 2008

NEW YORK CITY — Construction is advancing for a 15-story office tower located at 450 W. 14th St. in the Meatpacking District of Manhattan, New York City. The project consists of a 10-story glass tower that sits atop a five-story former cold storage warehouse. Additionally, the High Line, a former elevated rail track that is presently being redeveloped into a public park, travels through the former warehouse. Once the office project is complete in the first quarter of 2009, it will include 114,500 square feet of office space, as well as 8,022 square feet of ground-floor retail space and 6,000 square feet of lower-level retail space. The office tower is being developed by CB Developers, with Morris Adjami Architects serving as project architect. Kelly Gedinsky of Winick Realty is serving as exclusive leasing and marketing agent for the retail space.

July 25, 2008

Office Western

TECHSPACE SIGNS $25 MILLION, LONG-TERM LEASE WITH RREEF

by admin July 25, 2008

ALISO VIEJO, CALIF. — TechSpace, a full-service facilities and infrastructure provider delivering flexible office space and IT services, has signed a long-term lease with RREEF for its operations at 65 and 75 Enterprise in Aliso Viejo. The transaction was valued at $25 million. TechSpace will occupy the facility through 2017. The company is planning significant improvements to the property including upgrades to the café and common areas. Additionally, the company will reconfigure office space suites to meet the needs of its clients.

July 25, 2008

Office Southeast

REX HEALTHCARE ACQUIRES LAND FOR 150,000-SF OFFICE DEVELOPMENT

by admin July 24, 2008

CARY, N.C. — Raleigh, N.C.-based Rex Healthcare has purchased a 20-acre parcel from Sun Life Financial and Charlotte, N.C.-based developer Lincoln Harris for the construction of a 150,000-square-foot medial office property. The site is located at the intersection of N.C. Highway 55 and McCrimmon Parkway in Cary. The multi-building development will be part of the Panther Creek mixed-use project and is expected to deliver by the summer of 2010.

July 24, 2008

Office Southeast

GRUBB & ELLIS SELLS 235,000-SF BUSINESS PARK IN SUBURBAN ATLANTA

by admin July 24, 2008

ALPHARETTA, GA. — On the behalf of tenant-in-common investors, Grubb & Ellis Realty Investors has sold the four-building, 235,000-square-foot business park Great Oaks Center in Alpharetta to KBS Great Oaks LLC for an undisclosed amount. Built in 2000, the property is situated on 22 acres of land and features 516 on-site parking spaces. Cushman & Wakefield of Georgia’s Stewart Calhoun and David Meline represented the seller.

July 24, 2008

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